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E-commerce enablement platform Shiprocket has raised INR 727.41 crore from anchor investors ahead of its public issue. The company allotted 7.5 crore equity shares at INR 97 apiece, the upper end of its IPO price band. The anchor book included global and domestic institutional investors such as the New York State Teachers Retirement System, Nomura Funds Ireland, Societe Generale, ICICI Prudential Life Insurance Company and several leading mutual funds. Shiprocket’s INR 1,617.5-crore IPO is scheduled to open for subscription on August 12, with the company planning to use fresh issue proceeds for platform growth, technology, marketing, debt repayment and potential acquisitions.
E-commerce enablement platform Shiprocket has raised INR 727.41 crore from anchor investors ahead of the opening of its initial public offering (IPO). The company allotted 7.5 crore equity shares to anchor investors at INR 97 per share, which is the upper end of the IPO price band, according to a circular uploaded on the BSE website.
The anchor book saw participation from several institutional investors, including the New York State Teachers Retirement System, managed by Goldman Sachs Asset Management, Nomura Funds Ireland Public Ltd Company, Societe Generale, ICICI Prudential Life Insurance Company, Tata AIA Life Insurance Company and Axis Max Life Insurance.
The investor list also included SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mahindra Mutual Fund, Mirae Asset Mutual Fund, UTI Mutual Fund, Motilal Oswal Mutual Fund and Bandhan Mutual Fund. Reports said the anchor round involved 50 investors.
Shiprocket’s INR 1,617.5-crore IPO is opening for subscription on Wednesday and will remain open until August 14. The company has set a price band of INR 92-97 per share. The issue consists of a fresh issue of equity shares worth up to INR 885.50 crore and an offer for sale (OFS) of shares worth up to INR 732 crore.
Existing shareholders, including Lightrock, Tribe Capital, Moore Strategic Ventures, Agility International Investment, Gautam Kapoor, Saahil Goel and Vishesh Khurana, will sell shares through the OFS. The fresh issue will provide capital directly to the company, while proceeds from the OFS will go to the respective selling shareholders.
Shiprocket plans to deploy the fresh issue proceeds towards the growth of its platform, with investments planned in marketing initiatives and technology infrastructure across its core and emerging businesses. The company also intends to use part of the funds to repay or prepay certain borrowings, explore potential acquisitions and meet general corporate requirements. Its IPO documents have previously outlined investments in platform growth, including marketing and technology-related initiatives.
At the upper end of the price band, Shiprocket is expected to have a post-issue market valuation of around INR 7,058 crore.
The company has expanded beyond its earlier focus on shipping services and now operates as a broader e-commerce enablement platform. Shiprocket's investor materials describe the business as an end-to-end technology platform covering logistics, checkout, payments, fulfilment and cross-border trade for merchants, including MSMEs and larger retailers.
Shiprocket operates through two business segments Core Business and Emerging Business. Its Core Business covers domestic shipping and shipping applications, while the Emerging Business includes cargo and fulfilment, cross-border shipping, advertising and marketing solutions, capital solutions and hyperlocal deliveries.
The company traces its origins to 2012, when it began as Kartrocket, a platform aimed at helping small businesses establish online storefronts. It later shifted its focus towards mobile-first commerce and expanded into different parts of the e-commerce operating cycle, including payments, conversion, advertising and shipping.
Shiprocket is backed by investors including Temasek and Zomato. Its public issue comes at a time when India's primary market remains active, with several companies planning IPOs as investor participation and fundraising activity remain strong. Shiprocket is among a group of companies that have been preparing to tap the public markets during the current IPO cycle.
The company has proposed listing its equity shares on both the BSE and NSE on August 19.
Source PTI
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